Dollar exchange rates fly high reaching LYD8.50 per $1
The Libyan markets have been set ablaze on Monday evening after the one dollar registered 8 Libyan dinars in the black market.
For the first time in Libyan history, $1 was exchanged for LYD8.50 on Monday in the black market, while the by official rates, which are enjoyed by politicians and lobbyists, as observers say, $1 costs only LYD1.47.
The Libyan economic situation just keeps worsening for both Libyans and foreigners living in there, as the foreign currency exchange rates keep soaring every day more than the other.
The dollar rates have been fluctuating lately since the start of 2017, with not once the one dollar going below LYD6 – at least for two consecutive days.
Moreover, the dollar rates hit a record high last year when $1 reached LYD8 for one full day, then dropped to 7-ish for several days, before it had rested at the boundaries of 6 Libyan dinars per one dollar.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to firstname.lastname@example.org. Please include ‘Op-Ed’ in the subject line.